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When Harold Washington was elected mayor of Chicago last spring, he
boldly vowed to break the "ancient, decrepit and creaking machine" that
has controlled the city for decades. In turn, the machine forces, led
by Alderman Edward Vrdolyak, chairman of the Cook County Democratic
Party, declared war on Washington.

The resulting wrestling match, focusing on the city's budget woes, has
nearly brought the so-called city that works to the edge of chaos. And
last week Wall Street, like a father weary of the squabbling of two
siblings, stepped in with a stinging rebuke. The New York investment
rating firm...